Alignment Healthcare Sees 46% Revenue Surge, Adjusted EBITDA Hits $110M
Full-year 2025 revenue hit $3.9B (up 46%) with membership growing 25% and adjusted EBITDA rising to $110M, expanding margin 270 basis points to 2.8%. Q4 revenue rose 44% to $1.0B with adjusted EBITDA of $11M, ex-California membership doubled to ~38,000, and 2026 guidance set at $5.14–5.19B revenue and $133–163M EBITDA.
1. Full-Year 2025 Financial Milestones
Alignment delivered record results in 2025 with revenue of $3.9 billion, a 46% increase, and membership up 25%. Adjusted EBITDA rose to $110 million from breakeven in 2024, driving a 2.8% margin (up 270 bps), generating positive free cash flow and ending the year with $604 million in cash and a $200 million credit facility.
2. Q4 2025 Operating Highlights
In Q4, membership reached 236,300 (25% year-over-year), revenue grew 44% to $1.0 billion and adjusted EBITDA totaled $11 million, above prior guidance. Adjusted gross profit was $125 million with an 87.7% medical benefit ratio, while ex-California membership more than doubled to approximately 38,000.
3. 2026 Guidance and Growth Plans
Management set full-year 2026 targets of 292,000–298,000 members, $5.14–5.19 billion in revenue and $133–163 million in adjusted EBITDA. Growth follows AEP results of 275,300 members in January (31% year-over-year), with plans to deepen broker relationships, expand provider partnerships and leverage scalable care model investments.